Nifty futures contract traded on the Singapore Exchange indicates a negative start to domestic equities. The contract was trading at 17,878, down 68 points or 0.38% from the previous close.
Adani Transmission: Adani Transmission will announce debt refinancing plans in a few weeks, executives said on Tuesday in an investor call, according to a source with direct knowledge of the matter. The company, a unit of the embattled Indian conglomerate Adani Group, has no plans to raise additional debt for capital expenditure, which it plans to cover with operating cash inflows, the executives said, according to the source. Adani Group had hired banks to arrange calls with bond investors after it was caught up in a short-selling storm in recent weeks.
HDFC Bank: HDFC Bank plans to sell dollar bonds to support its plans to expand lending outside India, joining other banks in tapping opportunities in overseas markets, according to two people aware of the matter. The country’s largest private bank is expected to raise $500 million by selling five-year bonds, the people said, requesting anonymity. HDFC Bank has hired Citigroup, HSBC, JP Morgan, Mitsubishi UFJ Financial Group, Societe Generale and Standard Chartered for the proposed Reg S transaction, which bars the securities from being sold to people in the US.
Zee Entertainment: The All India Digital Cable Federation (AIDCF) has cautioned advertisers against running ads on channels owned by Star, Zee and Sony networks as the three broadcasters had deactivated signals to various independent MSOs (multiple system operators) since most of the latter had refused to sign fresh agreements that could have led to a price hike for consumers as part of NTO 3.0 pricing amendments. More than 46 billion minutes of viewing time are being lost per day across the country on cable networks including GTPL, DEN, Hathway, Fastway, In Cable, NXT Digital, Asianet, KCCL, UCN and many more.
One97 Communications: Digital financial services firm One97 Communications, which operates under the Paytm brand, has sought shareholders’ approval for a transaction totalling ₹3,250 crore with Paytm Payments Bank Limited. The transaction includes availing services of up to ₹1,550 crore from the Paytm Payments Bank and rendering of services of up to ₹1,700 crore to the bank. Paytm’s Postal Ballot notice seeks approval of shareholders for “Approval of Material Related Party Transactions with Paytm Payments Bank Limited”.
New India Assurance: State-run general insurers Oriental Insurance, National Insurance, New India Assurance, and United India Insurance, are completely digitizing their motor insurance policies to prevent ceding market share to private sector rivals. According to people aware of the development, these general insurers, who are part of the General Insurance Public Sector Association (GIPSA), are empanelling digital service providers (DSPs) as their agents to process and manage motor insurance policies, with claims up to ₹50,000.
IRB Infrastructure Developers: IRB Infrastructure Developers Ltd has been selected as the preferred bidder for the ₹2,132 crore build-operate-transfer or BOT project in Gujarat, the company said in an exchange filing on Tuesday. The project involves adding six lanes to the 90.9 km stretch between Samakhiyali and Santalpur, with a concession period of 20 years from the appointed date. The company said its order book will be revised to approximately ₹20,892 crore, of which the construction order book would be at ₹9,714 crore, offering significant visibility for the next two and a half years.
Advik Capital: Advik Capital Limited announced that it is in the early stages of financing the Gohana Sonepat Highway, another major infrastructure project backed by the NHAI, the Government of India, and other organisations, in partnership with other NBFCs, private banks, and PSU banks, in order to further expand its long-term asset-book. By funding mega infra projects, Advik Capital said it is not only entering into the arena of bigger business opportunities going forward, diversifying its business, mitigate concentration risk but also ensuring long-term viable revenue visibility.
Hindustan Zinc: Hindustan Zinc said it will hold a meeting of the equity shareholders of the company on March 29 pursuant to the NCLT order in the matter of proposed scheme of arrangement between the company and its shareholders.
SBI: SBI has successfully raised Rs 4,544 crore non-convertible, taxable, perpetual, subordinated, unsecured, fully paid up Basel III compliant AT-1 bonds at a coupon of 8.20% per annum.
IRCTC: Shares of IRCTC, the tourism and ticketing arm of Indian Railways will trade ex-dividend today with respect to the Rs 3.5 dividend announced along with the third quarter results.
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